Public-private partnerships (P3s) are delivering critical infrastructure across the country. Today P3s provide communities with new tools and ways to address their infrastructure challenges.
Each year, over 1,350 leaders from states and localities, public agencies, and colleges, gather at the Public-Private Partnership Conference & Expo (p3) to discuss infrastructure challenges faced across the county. They work together to find out how technology, advancements in project delivery, procurement, and life cycle asset management can solve these challenges. Participants receive in-depth learning, business development, and can network with a mix of owners, contractors, developers and service providers engaged in public private partnerships.
At the most recent P3 event, the infrastructure plan remained a key focus. Several presentations and conversations focused on the impact that the current presidential administration’s spending plan could have on the infrastructure services industry. Under the discussed plan, approximately $1.5 trillion will be invested over a 10-year period which would impact several service industries including infrastructure, testing and inspection, and design. While the plan’s timeline is still uncertain, the potential for the proposed long-term infrastructure investment plan created optimism throughout the P3 event.
At the event, the former executive director of the U.S. Department of Transportation’s Build America Bureau, Martin Klepper, noted that significant private investment, as well as state and local funds, will be instrumental in funding the total $1.5 trillion cost of the administration’s 10-year plan. Klepper indicated that the funds currently allocated to infrastructure projects will likely be used to help expand the existing Transportation Infrastructure Finance and Innovation Act.
The exact details of funding have yet to be determined but the potential of additional resources towards bridges and roads is encouraging for the infrastructure services industry.